The Traders Book Club
In this brand new book Christopher Grafton, an experienced trader and member of the Market Technicians Association, tackles the cycles analysis work of J.M. Hurst and provides a meticulous guide for starting out with this technical analysis approach through to using it to analyse cycles yourself and place your own trades.
J.M. Hurst was an American aerospace engineer in the 1960s. He applied his understanding of mathematics, computing and engineering to market cycles. The workshop-style course he produced in the early 1970s described in detail the practical application of his cyclic principles to real trading. Grafton has taken Hurst?s approaches and updated them for the computer age; by following the step-by-step process in this book traders will learn how to quickly perform a cyclic analysis of any financial instrument on their own systems.
Mastering Hurst begins with a look at the theory of market cycles and how they interact and combine in financial markets. The concepts of amplitude, period, phase and proportionality are explained. The book then moves on to the tools of Hurst analysis itself. The important features that are outlined, in careful detail, are the Valid Trendline (VTL) and the Future Line of Demarcation (FLD). The VTL provides traders with a more effective measure of trend than that which is provided by many other methods ? Grafton explains how and shows how to utilise it. The FLD can be used to identify past and future reversals, project prices and reveal underlying trend ? again Grafton shows how to construct the tool and use it.
Overall this is a carefully constructed, thorough and extremely readable guide to a complicated area of technical analysis. It is well presented and illustrated throughout with 120 legible diagrams and financial charts, showing real examples from the markets. Hurst?s work and its application are brought up to date for the modern trader, with the benefit that this is an additional tool a traders can add to their armouries as they approach the markets.
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